POS stands for point of sale, and a POS terminal is the hardware component that handles digital payment methods. The system typically integrates with a card reader and streamlines the sales process for your business. It can also automate many other ancillary tasks like inventory tracking, employee scheduling and sales reporting. POS terminals are often used in restaurants, but can also be found in hotels and other hospitality venues.
Unlike traditional cash registers, POS systems are connected to the computer through an online structure that records each product’s sales data in real-time as the operator sells it. These can then be uploaded into the computer to generate various sales statistical analysis information for business operation and management. POS terminals can display the product information of each item on screen, and allow customers to select items for purchase through the touchscreen. These devices also support a variety of payment methods, such as credit and debit cards, store credits and split payments.
There are several types of POS terminals, ranging from small handheld and countertop models to large kiosk touchscreens with displays over 46 inches. The most popular POS terminals are CJ Legend and POS Guy, which cost about $249 for a handheld or countertop unit and $459 and up for a complete POS terminal countertop kit. These devices are compatible with a wide range of merchant service providers, allowing you to choose the one that best suits your business needs.
It’s also important to choose a POS terminal that supports a variety of bank and network card types. This is particularly important for e-commerce businesses that want to accept multiple forms of digital payment. In addition to supporting traditional card payments, a modern POS terminal should offer simplified affordability solutions, including monthly instalment options for banks, brand offers and non-banking financial companies (NBFCs). pos terminal machine